By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 1 – PECO Energy Co. priced $375 million of 3.05% 30-year first and refunding mortgage bonds at 99.882 to yield 3.056% on Monday, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Aa3/A/A+) priced with a spread of 82 basis points over Treasuries.
Initial price talk was in the Treasuries plus 110 bps area, according to a market source.
The bonds have a make-whole call and then a par call.
The active bookrunners are BNP Paribas Securities Corp., BofA Securities Inc. and SMBC Nikko Securities America Inc. Passive bookrunners are Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used for general corporate purposes.
The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.
| Issuer: | PECO Energy Co.
|
| Amount: | $375 million
|
| Description: | First and refunding mortgage bonds
|
| Maturity: | March 15, 2051
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Securities Inc., SMBC Nikko Securities America Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC
|
| Co-managers: | C.L. King & Associates, Inc., Guzman & Co. and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 3.05%
|
| Price: | 99.882
|
| Yield: | 3.056%
|
| Spread: | Treasuries plus 82 bps
|
| Call features: | Before Sept. 15, 2050 at greater of par or Treasuries plus 15 bps; on or after Sept. 15, 2050 at par
|
| Trade date: | March 1
|
| Settlement date: | March 8
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Talk: | Treasuries plus 110 bps area
|
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